Realty411 Magazine Featuring Patty Arvielo - New American Funding | Page 47

objectives over time. Define your
financing and capital requirements
and what your metrics will be, that
is, your accounting methods and
tools, and your measurements of
performance. And lastly, create
financial scenarios for the best case
and worst case, as well as target
plan. Now is the time to prepare for
variations from the goal, not when
you are emotionally in the hot seat.
MARKETING. Describe how
you will brand and advertise your
business. What will be your mar-
keting and sales channels? What
incentives will you give to your
customers and partners? Clearly
define your business model mon-
etization.
STRATEGY. State what the
strengths and weaknesses are of
your products and/or services
and of your company. Describe
the business opportunity that
you will capitalize on and your
market positioning. Define your
biggest threats and how you will
defend against them. What and
when will be your business exit
options?
“All of our Dreams come
true if we have the courage
to pursue them.”
~ WALT DISNEY
5
Manage cash flow and capital
very carefully. More business-
es fail for negative cash flow than
for lack of profit.
TOM’S TOP 6
Plan for the potential. Most
financial goals take twice as
long and twice as much capital as
forecasted.
10   T IPS
1
7
8
Write your business plan for a
lay person, not a specialist in
your industry. Keep it simple. Nev-
er outsource your business plan.
OPERATIONS. Give the de-
tails for your organization struc-
ture: legal entity, key personnel,
partners, equipment and facili-
ties. Tell how you will manage
the production and processing of
the business. Write down a time-
line with the human and material
resources needed to execute your
start up and growth.
Passion, persistence and hard
work = over half of success.
Be Persistent: Many successful
companies took a long time
to get financing and partners to
believe in them.
2
Create a Board of Directors. It
doesn’t have to be formal. Uti-
lize mentors, peers, and friends.
9
Talk to Your Competition!
You’d be amazed at what ego
will prompt your competitors to
tell you. Start off with a compli-
ment and share something about
your business. Sharing informa-
tion is usually a win-win situa-
tion.
3
Secure employees, partners, and
resources with direct experience
in your area of business, even if
they have had failures.
4
Use focus groups to test ideas
(get some friends together for a
focus party).
FINANCIALS. State your
precise sales, profit and cash flow
10
Keep honing your business.
You don’t have to do it all--
network, use mastermind groups,
and delegate.
Discover more information at:
http://tomwilsonproperties.com or
call 408-867-1867. Listen to Tom’s
weekly radio show at 2 pm Wednes-
days on KDOW 1220am, San
Francisco’s leading business radio
station. Podcasts are available on
the website, iTunes and YouTube.
Realty411Guide.com

PAGE 47 • 2017

reWEALTHmag.com